On April 3, 2017, the Board of Directors of American Superconductor Corporation approved a plan to reduce the company's global workforce by approximately 8%, effective April 4, 2017. The majority of the affected employees are located at the company's Devens, Massachusetts office location. This workforce reduction, together with variable costs savings expected to be realized from production volume aligned with the lower headcount, is expected to reduce the company's annualized expenses by approximately $4 million to $5 million once the savings are fully realized, which is expected to occur in the fiscal quarter ending March 31, 2018. The purpose of the workforce reduction is to reduce operating expenses to better align with the company's current revenues. The company expects to incur restructuring charges of $1.5 million to $2.0 million in cash severance expenses in the fiscal quarter ending June 30, 2017 in connection with the workforce reduction.

On April 3, 2017, David A. Henry resigned from the offices of Executive Vice President, Chief Financial Officer and Treasurer of the company, effective April 4, 2017. Mr. Henry has agreed to remain an employee of the company and assist with the transition of his responsibilities and other related matters until June 30, 2017, during which period the company has agreed to pay him his current base compensation and provide standard employee benefits. On April 3, 2017, the Board appointed John W. Kosiba, Jr., 44, as Senior Vice President, Chief Financial Officer and principal accounting officer, effective April 4, 2017. Mr. Kosiba joined the company as Managing Director, Finance Operations, in June 2010. He then served as Vice President, Finance Operations, from September 2011 to May 2013. Mr. Kosiba has served most recently as Senior Vice President, Gridtec Solutions and Finance Operations. On April 3, 2017, the Board appointed James F. Maguire, formerly Executive Vice President, Operations of the company, as Executive Vice President, Technology, of the company, effective April 4, 2017. In this new role, Mr. Maguire will continue to manage the company's strategic marketing and U.S. engineering functions, and will now be responsible for identifying and developing new technologies and products for the company.